I have been following bitcoin price since the recent upwards price movement and I think $5875 has become the high and corrections has began. Checking price chart this morning I discovered that the down channel's line has been broken and that signal a dropped in buying momentum and price may get below $5,000. However, this is another opportunity to buy bitcoin at a very cheap prices as before the end of this year bitcoin might hit $7,000. This corrections is not going to be a long one, it might just be three to four days and we would resumes another upwards movement again.
Yes you are correct, once the bitcoin value rose up to its peak then in few moment there will be a correction that gonna happen because some gets their profit and may come back to its range value again.
But we are really hoping for the that $7000 per bitcoin value this coming year end.
Price has gone below $6k now which indicates that people have started to dump their coins in order to make good profits and there will be many people who will prefer to hold their coins till the end of the year as everyone is hoping that price can go even to 10000 usd at that time.